Wells Fargo looks for wealth, finds it in Dubai

Wells Fargo, aiming to build its client base in the Middle East, has opened an office in Dubai and plans to target sovereign wealth funds in the area.

Bloomberg reports on the moves by the San Francisco-based bank, which counts Berkshire Hathaway CEO Warren Buffett as its largest shareholder. Wells Fargo, the Sacramento region's largest bank by market share, has been in Dubai for years, but last month opened a Dubai International Financial Centre and is planning more hires.

Sovereign wealth funds are state-owned investment funds, and the Mideast has some of the world's biggest. Many are looking to shift their investment strategy to a more regional focus.